FATCA

Foreign Account Tax Compliance Act

In March 2010, The U.S. Treasury Department signed into law the “Foreign Account Tax Compliance Act” (known as FATCA), to enable U.S. tax authorities to counter tax evasion by U.S. taxpayers (U.S. Persons) who hold foreign accounts. This U.S. law requires non-American Financial Institutions to identify U.S. Persons who hold accounts with them and to report relevant information on these accounts annually to fiscal authorities.